Q1 2026 Operational and Financial Results
Rhea-AI Summary
Amaroq (OTCQX: AMRQF) reported Q1 2026 revenue of $18.9 million from gold sales of 2,970 oz at US$4,656/oz, generating net income of $2.45 million (EPS $0.005). Nalunaq produced 3,694 oz at a 19.9 g/t feed grade and 61% recovery, above grade guidance.
Cash was $8.8 million with gold inventory of $20.3 million and total assets of $375.6 million. Amaroq reiterated 2026 gold production guidance of 25–35 koz and secured an upsized US$70 million revolving credit facility while progressing its London Main Market transition and 2026 exploration programs.
AI-generated analysis. Not financial advice.
Positive
- Q1 2026 revenue of $18.9 million from 2,970 oz gold sales
- Q1 2026 net income of $2.45 million versus a prior-year loss
- Nalunaq Q1 feed grade 19.9 g/t, above 2026 guidance of 14–15 g/t
- Q1 gravity recovery of 61%, within planned Phase 1 range
- FY 2026 gold production guidance of 25–35 koz reiterated
- New US$70 million revolving credit facility, replacing US$35 million facility
Negative
- Cash balance declined to $8.8 million from $21.5 million at year-end 2025
- Foreign exchange loss of $0.74 million in Q1 2026 versus a prior gain
- General and administrative expenses rose to $5.79 million from $4.58 million
- Total non-current liabilities increased to $59.1 million from $7.64 million year-on-year
News Market Reaction – AMRQF
On the day this news was published, AMRQF declined 2.46%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Reykjavík, May 13, 2026 (GLOBE NEWSWIRE) -- ("Amaroq" or the "Company")
Q1 2026 Operational and Financial Results
Strong start to the year with performance in line with expectations
13 May 2026 – Amaroq Ltd. (AIM, NASDAQ Iceland: AMRQ, OTCQX: AMRQF), an independent mine development company focused on unlocking Greenland’s mineral potential, is pleased to announce its Q1 2026 Financial Results. All dollar amounts are expressed in Canadian dollars unless otherwise noted.
The Company will be hosting a Capital Markets Update later today at 14:30 BST, details of which can be found further down in this announcement.
Eldur Olafsson, CEO of Amaroq, commented:
“I am pleased to report a strong first quarter’s operational and financial performance, in line with expectations and guidance for the full year. Mining operations and processing at the Nalunaq gold mine performed well, with gold grades and recoveries very much in line with guidance.
“With the completion of Phase 1 commissioning, we continued to ramp up mining and milling rates through the quarter and successfully navigated the challenging winter month personnel rotations. Current trading has been strong, keeping us on track for the H1 2026 guidance of 7 to 10koz of gold and full year of 25 to 35k oz. I am also excited that we will be kicking off our high impact 2026 exploration campaign in June 2026, starting at the Ilua Rare Earth prospect.
“In addition, today we are hosting a capital markets update in London, showcasing the extensive growth pipeline we are looking to unlock over the next five years, as well as a deeper look into the Nalunaq gold mine and its own resource and production growth potential; highlighting the significant latent value we have within the business ready to be realised. Amaroq has started 2026 in a very strong position and I look forward to updating the market as this year progresses.”
Q1 2026 Financial Highlights – in line with management expectations and budget
- Revenue of
$18.9 million (Q1 2025:$0m ) from total gold sales of 2,970 oz at an average gold price of USD 4,656/oz. - Gross profit of
$9.8 million and net profit of$2.4 million . - Capital assets of
$275.4 million as at March 31, 2026 ($252.7 million as at December 31, 2025). - Gold inventory of
$20.3 million as at March 31, 2026 ($15.8 million as at December 31, 2025). - Cash balance of
$8.8 million as at March 31, 2026 ($21.5 million as at December 31, 2025).
Q1 2026 Operational Highlights – In line with production guidance and higher than anticipated grade
- Nalunaq produced a total of 3,694oz of gold, in line with guidance with average feed grade of 19.9 g/t, which is higher than 2026 guidance of 14 to 15 g/t, as reconciliation against the 2026 mine plan showed improvements.
- Average recoveries were
61% , in line with the planned recovery factor for Phase 1 of ~60% . - On January 8, 2026, the Company announced the award of the Final Impact Benefit Agreement for the Nalunaq gold mine.
- On January 21, 2026, the Company announced exploration results from the 2025 field campaign at its Minturn IOCG prospect; identifying high-grade iron assays from surface samples, including iron grades up to
69.5% Fe, underscoring the presence of a significant iron-oxide core within the system. - On March 20, 2026, the Company received the signed approval of the Final Mine Plan and Closure Plan for the Nalunaq Licence from the Government of Greenland.
- Post-period, on April 30, 2026, Amaroq secured a Revolving Credit Facility (RCF) with Landsbankinn and Gunvor Group with increased capacity of US
$70 million , replacing its existing US$35 million RCF while reducing the overall cost of funding.
Corporate
- On February 18, 2026, the Company reiterated its intention to upgrade its London Stock Exchange listing to the Main Market, appointing Citigroup Global Markets Limited to act as sponsor and financial adviser.
- On March 19, 2026, the Company completed the voluntary delisting of its common shares from the TSX Venture Exchange (the “TSXV”).
2026 guidance vs actual performance table:
| Guidance for FY 2026 | Q1 2026 actuals | |
| 2026 gold production | 25 to 35koz | 3.7koz |
| Average feed grade (g/t) | 14 to 15 g/t | 19.9 g/t |
| Gravity recovery (%) | 50 | |
| Nalunaq cash cost | USD44 to 47m | USD9.8m |
| Nalunaq AISC | USD69 to 73m | USD16.7m |
Outlook
- The Company reiterates FY2026 gold production guidance of 25-35 koz and confirms current trading in line with this range, with production expected to be weighted towards the second half of 2026, following commissioning of the flotation circuit.
- The 2026 exploration campaign will commence in June 2026 at the Ilua REE prospect, with the aim of further delineating the scale of the REE hosting pegmatite systems and to conduct initial scout drilling to understand depth potential and volumetrics.
- Other exploration activities include:
- July 2026 - Rehabilitation of surface facilities, updating of studies and commencing resource growth exploration at Black Angel, the previously producing zinc, lead, silver, germanium and gallium mine acquired in 2025, targeting drilling in 2026 and/or 2027.
- July 2026 - Conduct surface geophysical work and a scout drilling programme, at the large Minturn IOCG prospect, to assess the scale of the mineralisation and potential economics of the target.
- July/August 2026 - Systematic drill testing of the Central Zone at the Nanoq future gold project, in the southern Greenland Nanortalik gold belt with the objective of establishing the geological continuity and data density required to underpin a Maiden Mineral Resource Estimate.
- August 2026 - The Company will continue to develop additional drill sites at the Stendalen copper nickel prospect, targeting potential sulphide traps and is reviewing options to action these during the upcoming season.
- The Company continues to make good progress on the transition to the Main Market of the London Stock Exchange in 2026.
Nalunaq Operations Overview
Following the transition to a fully owner-operated mining model, the Company has invested in its own underground mining fleet, which had been largely delivered and commissioned by the end of Q1 2026.
During the first quarter, 33,404t of material was mined, equivalent to 11,120t of ore. Development continued in the Mountain Block, with the main ramp approaching the 816 metre level. While commissioning of the flotation circuit remains on schedule for Q2 2026, gold-bearing tailings are currently being transported back to the mine and stockpiled for reintroduction into the processing plant, once the flotation circuit becomes operational.
During the quarter, a total of 12,032t of material was processed at an average mill feed grade of 19.9g/t gold. Gold production totalled 3,694oz, while sales amounted to 2,970oz of gold. The average realised gold price during the quarter was US
Gold production for 2026 is guided at 25 to 35 koz, with production expected to be weighted towards the second half of 2026, following commissioning of the flotation circuit, which is anticipated to increase overall gold recoveries from a range of 50–
Exploration Overview
Gold Exploration Projects in Q1 2026
At Nalunaq, a total of 2,411.5m from 31 underground drillholes have been completed during the first quarter, providing support to short and medium term mine planning. Alongside Bara Consulting, the Company has been reviewing all results up to the end of 2025 to allow the update of the current Mineral Resource estimate (MRE4).
With assistance from SRK Consulting UK, Amaroq has been reviewing geological modelling at Nanoq allowing for 2026 programme design, as well as initial Mineral Resource Estimate. A metallurgical sample exceeding 100 kg has been dispatched to SGS Lakefield, Canada, to support initial test work assessing anticipated processing performance and recovery characteristics. Design work relating to potential 2026 exploration programmes has continued alongside ongoing geological reviews within the broader Nanortalik Gold Belt.
Strategic Minerals Projects in Q1 2026 (
The 2026 field season options for Stendalen have been designed alongside assessment of logistical requirements. A review of the 2025 exploration results for Ilua, and in particular the REE hosting mineralogy has been commenced alongside the University of St Andrews, ahead of implementation of the 2026 programme.
The Company continues to review the geological data for the large IOCG prospect Minturn, to build a robust 2026 field programme. Results from across the wider South Greenland Copper Belt continued to be reviewed and evaluated during the reporting period.
West Greenland Hub
In Q1 2026 at Black Angel, Amaroq continued discussions with various contractors and consultants regarding the refurbishment of infrastructure, planning and logistical preparation for the 2026 field season, and the review and updating of historical technical studies. Design options for a 2026 and/or 2027 drilling campaign at Kangerluarsuk have been reviewed and are under assessment.
Capital Markets Update
The Company will be hosting a Capital Markets Update for investors and analysts at 14:30 BST today. The event will be held in London and available via live webcast. A recording of the presentation will be made available on the Company’s website following the event.
To register for the webcast, please enter your details via the following link: https://edge.media-server.com/mmc/p/h5ac64dd
There is no new or price sensitive information being provided as part of the presentation. The presentation itself will be available on the Company’s website from 1300 BST today, link: Presentations - Amaroq Ltd.
Financial Results
| Period ended March 31, 2026 | Three months | Three months | ||
| 2026 | 2025 | |||
| $ | $ | |||
| Financial Results | ||||
| Revenue | 18,945,404 | - | ||
| Cost of Sales | (8,584,102) | - | ||
| Selling, refining and royalty costs | (493,975) | - | ||
| Exploration and evaluation expenses | (401,567) | (193,420) | ||
| General and administrative expenses | (5,794,031) | (4,581,116) | ||
| Depreciation and amortization | (270,114) | (45,205) | ||
| Selling expenses | - | (48,352) | ||
| Foreign exchange gain (loss) | (737,939) | 591,610 | ||
| Interest income | 149,334 | 26,306 | ||
| Gardaq project management fees | 613,613 | 643,553 | ||
| Gain on lease modification | - | 30,543 | ||
| Loss on loan modification | (271,437) | - | ||
| Share of net losses of joint arrangement | (376,680) | (370,343) | ||
| Finance costs | (330,477) | (452,273) | ||
| Net income (loss) and comprehensive income (loss) | 2,448,029 | (4,398,697) | ||
| Basic earnings (loss) per common share | 0.005 | (0.011) | ||
| Diluted earnings (loss) per common share | 0.005 | (0.011) |
Financial Position
| Financial Position | As at | |
| March 31, 2026 | March 31, 2025 | |
| $ | $ | |
| Financial Position | ||
| Cash | 8,772,700 | 16,698,642 |
| Investment in equity-accounted joint arrangement | 12,400,944 | 14,531,970 |
| Total assets | 375,589,106 | 252,074,553 |
| Total current liabilities | 33,638,679 | 46,894,778 |
| Total non-current liabilities | 59,085,389 | 7,641,551 |
| Shareholders’ equity | 282,865,038 | 197,538,224 |
| Working capital (before loan payable)1 | 24,252,228 | 22,238,142 |
| Working capital (loan payable included) 1 | 24,252,228 | (7,563,780) |
Enquiries:
Amaroq Ltd. C/O
Ed Westropp, Chief Corporate Development and Strategy Officer
+44 (0)7385 755711
ewe@amaroqminerals.com
Panmure Liberum Limited (Nominated Adviser and Corporate Broker)
Scott Mathieson
Piers Shimwell
Freddie Wooding
+44 (0) 20 7886 2500
Canaccord Genuity Limited (Corporate Broker)
James Asensio
Rory Blundell
Harry Rees
+44 (0) 20 7523 8000
Citigroup Global Markets (Corporate Broker)
Andrew Miller-Jones
David Herring
+44 (0) 207 986 3463
Camarco (Financial PR)
Elfie Kent
Fergus Young
+44 (0) 20 3757 4980
Further Information:
About Amaroq
Amaroq’s principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in South Greenland. The Company’s principal asset is a
Glossary
| Au | gold |
| g | grams |
| g/t | grams per tonne |
| km | kilometres |
| koz | thousand ounces |
| m | meters |
| MRE3 | Mineral Resource Estimate 2022 |
| MRE4 | Mineral Resource Estimate 2024 |
| oz | ounces |
| t | tonnes |
| t/d | Tonnes per day |
| t/m3 | tonne per cubic meter |
| USD/ozAu | US Dollar per ounce of gold |
Inside Information
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on Market Abuse ("UK MAR"), as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, and Regulation (EU) No. 596/2014 on Market Abuse ("EU MAR").
Qualified Person Statement
The technical information presented in this press release has been approved by James Gilbertson CGeol, VP Exploration for Amaroq and a Chartered Geologist with the Geological Society of London, and as such a Qualified Person as defined by NI 43-101.
1 Working Capital as per the Consolidated Statement of Financial Position as at March 31, 2026 is
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